Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.46% against the USD and closed at USD58.36 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 4.9 million barrels in the week ended 29 November 2019 and on hopes that the OPEC and its allies would further extend production cuts.
In the Asian session, at GMT0400, the pair is trading at 58.21, with oil trading 0.26% lower against the USD from yesterday’s close.
The pair is expected to find support at 56.77, and a fall through could take it to the next support level of 55.34. The pair is expected to find its first resistance at 59.15, and a rise through could take it to the next resistance level of 60.10.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
